RBC Capital analyst Kurt Hallead maintained a Hold rating on National-Oilwell (NOV) on March 16 and set a price target of $15.00. The company’s shares closed last Monday at $9.42, close to its 52-week low of $8.36.
According to TipRanks.com, Hallead ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -20.8% and a 25.8% success rate. Hallead covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Diamond Offshore Drilling, and Oceaneering International.
National-Oilwell has an analyst consensus of Moderate Buy, with a price target consensus of $21.56, which is a 142.5% upside from current levels. In a report issued on March 9, Citigroup also downgraded the stock to Hold with a $16.00 price target.
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Based on National-Oilwell’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $2.28 billion and GAAP net loss of $385 million. In comparison, last year the company earned revenue of $2.4 billion and had a net profit of $12 million.
Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NOV in relation to earlier this year.
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National Oilwell Varco, Inc. provides equipment and technology to the upstream oil and gas industry. The company operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment monitors its capital equipment backlog to plan its business.